Cattle Futures - Live Cattle Plunges

US - CME live cattle settled lower on cash unease following Tuesday's boardaction, slowed wholesale beef sales and October longs' roll into December. CBOTcorn's rally further undermined live cattle contracts
calendar icon 13 September 2007
clock icon 1 minute read
Packer bids for live-basis cattle were spotty at $92 per hundredweight in theface of isolated $97 asking prices.

The U.S. Department of Agriculture's midday boxed beef prices on Wednesdaywere quoted $1.18 per hundredweight lower for choice cuts and select items slid39 cents.

Most futures trading months began the session on the negative side of theledger, particularly after funds wasted little time shifting some of theirOctober positions into December.

Spreaders initially sold October and bought February that also came underadditional stress as CBOT corn rose. What's more, October's inability to movebeyond 100-day moving average technical resistance exacerbated spot-monthselling.

December's early 40-day moving average technical support later turned intochart resistance in the wake of the contract's gradual decline.

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